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Leaning bear steeper

BUNDS
  • German PMI offsets French PMIs, but limited impact in Bund or the EUR, although a small steepening bias in 5/30s, as we test the high.
According to Markit:
  • Germany PMI Composite Output Index 123-month high.
  • Germany Services PMI Activity Index 123-month high.
  • Germany Manufacturing Output Index 2-month high.
  • Germany Manufacturing PMI 2-month high.

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